VMware Inc (VMW) 2020 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to today's VMware First Quarter Fiscal Year 2020 Earnings Call. As a reminder, today's conference is being recorded.

女士們、先生們，美好的一天，歡迎參加今天的 VMware 2020 財年第一季財報電話會議。提醒一下，今天的會議正在錄製中。

And at this time, I'd like to turn the conference over to Paul Ziots, Vice President, Investor Relations.

現在，我想將會議交給投資者關係副總裁 Paul Ziots。

Thank you. Good afternoon, everyone, and welcome to VMware's First Quarter Fiscal 2020 Earnings Conference Call. On the call, we have Pat Gelsinger, Chief Executive Officer; and Zane Rowe, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will take questions.

謝謝。大家下午好，歡迎參加 VMware 2020 財年第一季財報電話會議。執行長 Pat Gelsinger 出席了電話會議。以及執行副總裁兼財務長 Zane Rowe。在他們準備好的發言之後，我們將回答問題。

A press release was issued after the close of market and is posted on our website where this call is being simultaneously webcast. Slides which accompany this webcast can be viewed in conjunction with live remarks and downloaded at the conclusion of the webcast from ir.vmware.com.

收市後發布了一份新聞稿，並發佈在我們的網站上，該電話會議同時進行網路直播。可結合現場評論觀看本網路廣播附帶的幻燈片，並在網路廣播結束時從 ir.vmware.com 下載。

On this call today, we will make forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially as a result of various risk factors, including those described in the 10-Ks, 10-Qs and 8-Ks VMware files with the SEC. We assume no obligation to and do not currently intend to update any such forward-looking statements.

在今天的電話會議上，我們將做出前瞻性聲明，這些聲明有風險和不確定性。由於各種風險因素，包括 SEC 的 10-Ks、10-Qs 和 8-Ks VMware 文件中所述的風險因素，實際結果可能會存在重大差異。我們不承擔任何義務，目前也不打算更新任何此類前瞻性聲明。

In addition, during today's call, we will discuss certain non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of VMware's performance should be considered in addition to and not as a substitute for or in isolation from GAAP measures.

此外，在今天的電話會議中，我們將討論某些非公認會計準則財務指標。這些用作 VMware 績效衡量標準的非 GAAP 財務衡量標準應作為 GAAP 衡量標準的補充，而不是替代或獨立於 GAAP 衡量標準。

Our non-GAAP measures exclude the effect on our GAAP results of stock-based compensation, amortization of acquired intangible assets, employer payroll tax and employee stock transactions, acquisition, disposition and other items, including the gains or losses on pivotal software and discrete items impacting our GAAP tax rate.

我們的非公認會計原則衡量指標不包括基於股票的薪酬、收購的無形資產攤銷、雇主工資稅和員工股票交易、收購、處置和其他項目（包括關鍵軟體和離散項目的損益）對我們公認會計原則結果的影響影響我們公認的會計準則稅率。

You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures, in the press release and on our Investor Relations website.

您可以在新聞稿和我們的投資者關係網站上找到有關這些非 GAAP 衡量標準的更多披露信息，包括與可比較 GAAP 衡量標準的調整表。

A webcast replay of this call will be available for the next 60 days on our company website under the Investor Relations link. Our second quarter fiscal 2020 quiet period begins at the close of business, Thursday, July 18, 2019.

未來 60 天內，我們將在我們公司網站的投資者關係連結下提供本次電話會議的網路直播重播。我們的 2020 財年第二季靜默期從 2019 年 7 月 18 日星期四收盤時開始。

With that, I'll turn it over to Pat.

有了這個，我會把它交給帕特。

Thanks, Paul. Q1 was a good start to fiscal 2020 across our diverse product portfolio. Total revenue for the quarter increased 13% year-over-year with non-GAAP earnings per share of $1.32 per share. We were especially pleased to announce important agreements during the quarter with key partners, Amazon Web Services, Dell and Microsoft.

謝謝，保羅。第一季是我們多元化產品組合 2020 財年的良好開端。該季度總營收年增 13%，非 GAAP 每股收益為 1.32 美元。我們特別高興地宣布本季與亞馬遜網路服務、戴爾和微軟等主要合作夥伴達成了重要協議。

Our EMEA and Asia Pacific geographies had particularly strong results in Q1, while the Americas trailed the other geos after record-breaking year-over-year growth in Q4 '19.

我們的歐洲、中東和非洲和亞太地區在第一季取得了特別強勁的業績，而美洲在 19 年第四季創紀錄的同比增長後落後於其他地區。

VMware's vision is to deliver a software architecture that enables any app on any cloud delivered to any device. Our comprehensive strategy to deliver on this vision is increasingly being embraced by our customers to enable their digital transformations. Customers continue to look to VMware for solutions across hybrid cloud, multi-cloud, modern apps, networking and security, and digital workspace.

VMware 的願景是提供一種軟體架構，使任何雲端上的任何應用程式都能交付到任何裝置。我們實現這一願景的綜合策略越來越受到客戶的歡迎，以實現他們的數位轉型。客戶繼續尋求 VMware 跨混合雲、多雲、現代應用、網路和安全以及數位工作空間的解決方案。

On the hybrid cloud front, our preferred cloud offering, VMware Cloud on AWS, continues to accelerate with AWS and VMware delivering major new capabilities every month. We recently announced the resell agreement enabling customers the flexibility to purchase VMware Cloud on AWS through AWS in addition to VMware. PennyMac, a leading national home lender and servicer, was one of the first deals closed with the AWS reseller agreement in place.

在混合雲方面，我們的首選雲端產品 VMware Cloud on AWS 持續加速發展，AWS 和 VMware 每月都提供重要的新功能。我們最近宣布了轉售協議，使客戶除了 VMware 之外還可以靈活地透過 AWS 購買 VMware Cloud on AWS。PennyMac 是一家領先的全國性房屋貸款和服務商，是透過 AWS 經銷商協議達成的首批交易之一。

We also recently announced VMware cloud on AWS availability in Canada, Mumbai, Paris and Singapore, with the service now available in 14 regions globally. VMware Cloud on AWS was recently designated FedRAMP in process on the path to authority to operate at the FedRAMP high baseline level. The high baseline requirements are used to protect the government's most sensitive, unclassified data in cloud computing environments.

我們最近也宣布 VMware Cloud on AWS 在加拿大、孟買、巴黎和新加坡推出，該服務現已在全球 14 個地區推出。VMware Cloud on AWS 最近被指定為 FedRAMP，正在獲得在 FedRAMP 高基準層級運行的授權。高基線要求用於保護雲端運算環境中政府最敏感的非機密資料。

One example of the customer momentum in hybrid cloud we're seeing is NHS Digital, the national information and technology partner for the U.K.'s health and care system. They have made VMware Cloud and AWS available across its organization to help accelerate digitally enabled care.

我們看到的混合雲端客戶動力的一個例子是 NHS Digital，它是英國醫療保健系統的國家資訊和技術合作夥伴。他們在整個組織內提供 VMware Cloud 和 AWS，以協助加速數位化護理。

At Dell Technology World in April, Dell Technologies unveiled Dell Technologies Cloud, a new set of cloud infrastructure solutions to make hybrid cloud environments simpler to deploy and manage. Within that offering, we announced VMware Cloud and Dell EMC, which will provide a simple, more secure and scalable infrastructure delivered as a service to customers' on-premises data center and edge locations.

在四月的戴爾科技世界大會上，戴爾科技推出了戴爾科技雲，這是一套新的雲端基礎架構解決方案，可以讓混合雲環境更易於部署和管理。在該產品中，我們宣布推出 VMware Cloud 和 Dell EMC，它們將提供簡單、更安全且可擴展的基礎架構，以服務形式交付給客戶的本地資料中心和邊緣位置。

Featuring VMware's high-performance compute storage and networking software, the service will be fully managed by VMware, enabling customers to focus on business innovation and differentiation. Dell Technologies and VMware also announced an expanded partnership with Microsoft, spanning cloud and client offerings.

該服務採用VMware的高效能運算儲存和網路軟體，將由VMware全面管理，使客戶能夠專注於業務創新和差異化。戴爾科技集團和 VMware 也宣布擴大與微軟的合作關係，涵蓋雲端和客戶端產品。

In Cloud, the newly announced Azure VMware Solutions, enables customers to capitalize on VMware cloud foundation, a comprehensive offering of software-defined compute, storage, and networking and management that is sold and supported by Microsoft on their Azure cloud.

在雲端方面，新發布的 Azure VMware 解決方案可讓客戶利用 VMware 雲端基礎，這是由 Microsoft 在其 Azure 雲端上銷售和支援的軟體定義運算、儲存、網路和管理的綜合產品。

On the client side, with this expanded agreement, mutual customers will be able to use Workspace ONE to manage the full productivity features of Office 365 across devices via cloud-based integrations with Microsoft Intune and Azure active directory. In addition, VMware will extend the capabilities of Microsoft Windows virtual desktop to enable customers to further accelerate their cloud initiatives, leveraging VMware Horizon Cloud on Microsoft Azure.

在客戶端方面，透過此擴展協議，共同客戶將能夠使用 Workspace ONE，透過與 Microsoft Intune 和 Azure Active Directory 的基於雲端的集成，跨裝置管理 Office 365 的全部生產力功能。此外，VMware 將擴展 Microsoft Windows 虛擬桌面的功能，使客戶能夠利用 Microsoft Azure 上的 VMware Horizo​​n Cloud 進一步加速其雲端計畫。

As a further proof to VMware's multi-cloud strategy, Microsoft and VMware are also exploring initiatives to drive further integration between VMware infrastructure and Azure, such as integration of VMware NXS with Azure networking, an integration of specific Azure services with VMware management solutions.

作為VMware多雲策略的進一步證明，微軟和VMware也正在探索推動VMware基礎架構和Azure之間進一步整合的舉措，例如VMware NXS與Azure網路的整合、特定Azure服務與VMware管理解決方案的整合。

We will also be exploring bringing specific Azure services to VMware's on-premises customers. This announcement marks a significant step forward in the Microsoft and VMware relationship.

我們也將探索向 VMware 的本機客戶提供特定的 Azure 服務。此公告標誌著 Microsoft 和 VMware 的關係向前邁出了重要一步。

We also recently announced VMware Cloud Foundation 3.7, which is now available in VxRail, integrated with VMware's flexible full stack HCI architecture ready for line of business applications. Additionally, this release supports the deployment of VMware Horizon 7 virtual desktop infrastructure.

我們最近也發布了 VMware Cloud Foundation 3.7，現已在 VxRail 中提供，與 VMware 靈活的全堆疊 HCI 架構集成，可用於業務線應用程式。此外，此版本還支援 VMware Horizo​​n 7 虛擬桌面基礎架構的部署。

In April, HPE announced the new HPE vSAN ReadyNode, designed to help customers who want to build their own hybrid cloud. The ReadyNode removes complexity with a preconfigured server that features an optimized balance of CPU, memory and network as well as I/O controller and storage for data management and data analytics. This quarter, we continue to drive advancements across our integrated VMware vRealize cloud management platform.

4 月，HPE 發布了新的 HPE vSAN ReadyNode，旨在幫助想要建立自己的混合雲的客戶。ReadyNode 透過預先配置伺服器消除了複雜性，該伺服器具有 CPU、記憶體和網路以及 I/O 控制器和儲存的最佳化平衡，用於資料管理和資料分析。本季度，我們持續推動整合 VMware vRealize 雲端管理平台的進步。

These new product releases will combine to provide expanded self-driving operations and enhanced programmable provisioning capabilities across private and hybrid clouds. We are also rapidly building out the CloudHealth platform, accelerating our ability to help customers gain control of their multi-cloud environments while enabling them to achieve superior business outcomes.

這些新產品的發布將結合起來，提供擴展的自動駕駛操作和跨私有雲和混合雲的增強的可編程配置功能。我們也正在快速建立 CloudHealth 平台，提升我們協助客戶控制其多雲環境的能力，同時使他們能夠實現卓越的業務成果。

In Q1, as a result of the Heptio acquisition, we introduced VMware Essential PKS, an upstream, open source Kubernetes distribution with enterprise support. This addition rounded out our current modern apps portfolio of upstream Kubernetes offerings, which now allow customers to leverage either a highly customizable offering or one that is tightly integrated with vSphere and NSX.

在第一季度，由於收購了 Heptio，我們推出了 VMware Essential PKS，這是一個具有企業支援的上游開源 Kubernetes 發行版。這項補充完善了我們目前上游 Kubernetes 產品的現代應用程式組合，現在客戶可以利用高度可自訂的產品或與 vSphere 和 NSX 緊密整合的產品。

To accelerate and extend our multi-cloud and Kubernetes offerings, we recently acquired Bitnami, a leader in application packaging solutions providing the largest catalog of click-to-deploy applications and development stacks for major cloud and Kubernetes environments.

為了加速和擴展我們的多雲和 Kubernetes 產品，我們最近收購了應用程式打包解決方案領域的領導者 Bitnami，為主要雲端和 Kubernetes 環境提供最大的點擊部署應用程式和開發堆疊目錄。

On the networking front, we updated VMware NSX-T Data Center 2.4 and NSX Cloud. The newest release of NSX Data Center is designed to meet the virtual cloud networking needs of both enterprises, large and small. Communication service providers can leverage the cloud scale and performance of NSX-T Data Center to accelerate adoption of network function virtualization, as they build for the 5G and telco cloud that is just beginning to be rolled into service.

在網路方面，我們更新了 VMware NSX-T Data Center 2.4 和 NSX Cloud。最新版本的 NSX Data Center 旨在滿足大型和小型企業的虛擬雲端網路需求。通訊服務供應商在建置剛開始投入使用的 5G 和電信雲端時，可以利用 NSX-T Data Center 的雲端規模和效能來加速網路功能虛擬化的採用。

I was pleased to talk more broadly about VMware's security strategy during my keynote at RSA in March. We are committed to helping remove the complexity inherent with security today and deliver intrinsic security from end point to cloud. During RSA, we also introduced the VMware Service-defined Firewall, an innovative approach to internal firewalling that dramatically reduces the attack surface for on-premises and cloud environments with security that is an intrinsic part of the infrastructure.

我很高興在 3 月的 RSA 主題演講中更廣泛地討論了 VMware 的安全策略。我們致力於協助消除當今安全固有的複雜性，並提供從端點到雲端的內在安全性。在 RSA 期間，我們也推出了 VMware 服務定義的防火牆，這是一種創新的內部防火牆方法，可透過基礎架構固有的安全性顯著減少本地和雲端環境的攻擊面。

Customers continue to be challenged with providing employees a great digital experience across all apps and devices while maintaining the highest security standards. Our Workspace ONE platform helps customers with this balancing act. We announced several innovations to our digital workspace platform this quarter aimed to simplify our customers' digital workspace journeys.

客戶繼續面臨在所有應用程式和設備上為員工提供出色的數位體驗，同時保持最高安全標準的挑戰。我們的 Workspace ONE 平台可協助客戶實現此平衡。本季度我們宣布了數位工作空間平台的多項創新，旨在簡化客戶的數位工作空間之旅。

Firstly, we announced the acquisition of AetherPal to extend our digital workspace remote support capabilities. In addition, Dell unveiled Dell Technologies Unified Workspace, a new offering bringing together Dell hardware services and support with Workspace ONE and Secureworks to transform how customers deploy, secure, manage and support end points.

首先，我們宣布收購 AetherPal，以擴展我們的數位工作空間遠端支援能力。此外，戴爾還推出了 Dell Technologies Unified Workspace，這是一項將戴爾硬體服務和支援與 Workspace ONE 和 Secureworks 結合在一起的新產品，旨在改變客戶部署、保護、管理和支援端點的方式。

Finally, with the announced partnership with Microsoft, mutual customers can now embrace Microsoft 365 and Workspace ONE together to meet their digital workplace needs.

最後，隨著與 Microsoft 宣布的合作夥伴關係，共同客戶現在可以一起採用 Microsoft 365 和 Workspace ONE 來滿足他們的數位工作場所需求。

Reflecting on the momentum we experienced in our key Q1 announcements, VMware Cloud Foundation is now the hybrid cloud infrastructure across multiple cloud models, including, one, customer managed clouds on custom built and hyperconverged solutions; two, partner-managed clouds, such as IBM and now Azure along with our VMware cloud verified partners; and three, VMware-managed clouds with AWS and Dell EMC.

反映我們在第一季關鍵公告中所經歷的勢頭，VMware Cloud Foundation 現在是跨多種雲端模式的混合雲端基礎架構，其中包括基於客製化建置和超融合解決方案的客戶管理雲端；二是合作夥伴管理的雲，例如 IBM 和現在的 Azure 以及我們經過 VMware 雲端驗證的合作夥伴；第三，VMware 管理的雲，包括 AWS 和 Dell EMC。

With the expansion of our Microsoft partnership, Workspace ONE uniquely provides the best support and integration across every major client category. With our most recent NSX release, our Virtual Cloud Network is the most comprehensive overlay network for cloud, data center, and edge.

隨著我們與 Microsoft 合作關係的擴大，Workspace ONE 為每個主要客戶類別提供獨特的最佳支援和整合。透過我們最新的 NSX 版本，我們的虛擬雲端網路成為適用於雲端、資料中心和邊緣的最全面的覆蓋網路。

VMware software continues to serve as the essential ubiquitous foundation for the world's digital infrastructure. We remain committed to helping our customers harness the technology for their digital businesses and deliver superior experiences for their customers.

VMware 軟體仍然是全球數位基礎設施無所不在的基礎。我們仍然致力於幫助我們的客戶利用技術來開展數位業務，並為其客戶提供卓越的體驗。

I'll now turn it over to Zane to talk more about our business performance.

現在我將把它交給贊恩，詳細討論我們的業務表現。

Thank you, Pat, and thanks to all of you joining us today. We are pleased with our continued progress expanding our broad platform for hybrid and multi-cloud environments, which is reflected in our results this quarter.

謝謝你，帕特，也謝謝今天加入我們的所有人。我們對我們在混合和多雲環境擴展廣泛平台方面的持續進展感到高興，這反映在我們本季的業績中。

Our recently announced enhanced partnerships, such as those with Amazon Web Services, Dell and Microsoft, have us well positioned to help customers accelerate their cloud journeys and support our future growth.

我們最近宣布加強合作夥伴關係，例如與 Amazon Web Services、戴爾和微軟的合作關係，使我們能夠很好地幫助客戶加速他們的雲端之旅並支持我們未來的成長。

In Q1, total revenue grew 13% and license revenue increased 12% year-over-year. Hybrid cloud subscription and SaaS comprised greater than 12% of total revenue and grew 35% year-over-year. In addition to our VMware Cloud provider program, the hybrid cloud subscription and SaaS category includes offerings such as Workspace ONE, Horizon Cloud, CloudHealth, VeloCloud and VMware Cloud on AWS. These services continue to drive recurring revenue growth.

第一季總營收年增 13%，授權收入年增 12%。混合雲訂閱和 SaaS 佔總收入超過 12%，較去年同期成長 35%。除了我們的 VMware Cloud 供應商計畫之外，混合雲訂閱和 SaaS 類別還包括 Workspace ONE、Horizo​​n Cloud、CloudHealth、VeloCloud 和 VMware Cloud on AWS 等產品。這些服務繼續推動經常性收入成長。

Q1 non-GAAP operating margin was 29.5%, consistent with our guidance for the quarter and reflecting ongoing investments in our hybrid and multi-cloud initiatives. Non-GAAP earnings per share for Q1 was $1.32 on a share count of 418 million diluted shares.

第一季非 GAAP 營業利潤率為 29.5%，與我們本季的指引一致，反映了我們對混合和多雲計畫的持續投資。第一季非公認會計準則每股收益為 1.32 美元，稀釋後股數為 4.18 億股。

Unearned revenue at quarter end was $7.1 billion, and cash and short-term investments totaled $3.3 billion. We saw a positive impact to both revenue and unearned revenue in Q1 due to the benefits from our sales momentum exiting the fourth quarter. Unearned revenue also benefited from an increase in the percentage of our business from hybrid cloud subscription and SaaS offerings.

季末未實現營收為 71 億美元，現金和短期投資總額為 33 億美元。由於第四季度結束的銷售勢頭帶來的好處，我們看到第一季的收入和非賺取收入都受到了積極影響。非賺取收入也受惠於混合雲訂閱和 SaaS 產品業務比例的增加。

Growth in revenue, plus the sequential change in unearned revenue for the quarter, was 25% or up 20% when excluding an ASC 606 reclassification adjustment, which reduced unearned revenue in Q1 of fiscal '19.

營收成長，加上本季未實現營收的環比變化，成長了 25%，如果排除 ASC 606 重新分類調整（該調整減少了 19 財年第一季度的未實現收入），則成長了 20%。

License revenue, plus the sequential change in unearned license revenue, grew 23% year-over-year or up 17%, excluding the same 606 reclassification adjustment in Q1 of '19.

許可證收入，加上未獲得的許可證收入的環比變化，同比增長 23%，即增長 17%，不包括 19 年第一季相同的 606 重新分類調整。

We exited Q1 with $48 million of license backlog compared to $147 million at the end of Q4 FY '19. The NSX portfolio license bookings for Q1 increased over 40% year-over-year and NSX was included in all of our top 10 deals. We're especially pleased with the progress we're making in the number of VMware partner-led deployments of NSX, an area we've been focused on for some time as we scale the business. vSAN license bookings grew over 50% year-over-year in Q1, with the total customer count growing to over 20,000. vSAN was included in 8 of our top 10 deals in Q1.

第一季結束時，我們的許可證積壓金額為 4,800 萬美元，而 2019 財年第四季末的許可證積壓金額為 1.47 億美元。第一季的 NSX 產品組合許可證預訂量年增超過 40%，並且 NSX 被納入我們所有的十大交易中。我們對 VMware 合作夥伴主導的 NSX 部署數量所取得的進展感到特別滿意，一段時間以來，我們在擴展業務時一直關注這一領域。第一季 vSAN 授權預訂量年增超過 50%，客戶總數成長至 20,000 多個。vSAN 被納入我們第一季十大交易中的 8 項。

We were also pleased with the performance of VXRail this quarter, which included the first full quarter selling VXRail with all versions of vSAN. This will open new markets opportunities, particularly through this commercial channel with Dell.

我們也對本季 VXRail 的表現感到滿意，其中包括第一個完整季度銷售帶有所有版本 vSAN 的 VXRail。這將打開新的市場機會，特別是透過與戴爾的商業管道。

EUC license bookings grew in the low teens year-over-year, driven by adoption of our subscription offerings such as Workspace ONE. EUC was included in 9 of the top 10 deals this quarter, and we had our second largest Workspace ONE deal ever with one of the world's leading manufacturers, which is using it globally across their lean mobility approach for over 50,000 employees.

在採用我們的訂閱產品（例如 Workspace ONE）的推動下，EUC 授權預訂量年增了十幾歲。EUC 被納入本季度前10 筆交易中的9 筆中，我們與世界領先的製造商之一達成了有史以來第二大的Workspace ONE 交易，該製造商正在全球範圍內為超過50,000 名員工的精益移動方法中使用它。

Over 50% of EUC product bookings are now sold as SaaS, and we expect this percentage increase over time. Core SDDC license bookings grew in the low teens year-over-year in Q1, with total core SDDC bookings up in the low double digits. Cloud management license bookings as well as total cloud management bookings grew in the strong double-digits year-over-year. Cloud management license bookings growth was driven by vRealize and CloudHealth, which increased the value in hybrid cloud management solutions for our customers.

超過 50% 的 EUC 產品預訂現在以 SaaS 形式出售，我們預計這一比例會隨著時間的推移而增加。第一季核心 SDDC 授權預訂量年增了十幾位數，核心 SDDC 預訂總量以低兩位數成長。雲端管理許可證預訂量以及雲端管理預訂總量較去年同期出現強勁的兩位數成長。雲端管理授權預訂的成長是由 vRealize 和 CloudHealth 推動的，這為我們的客戶增加了混合雲管理解決方案的價值。

Compute license bookings grew in the mid-single digits, driven primarily by growth in VCPP with total compute bookings up in the high-single digits year-over-year.

計算許可證預訂量出現中個位數增長，這主要是由 VCPP 增長推動的，計算預訂總量同比出現高個位數增長。

In Q1, we repurchased $591 million in stock under our current repurchase authorization, which had $243 million remaining at the end of the quarter. We are pleased to announce an additional stock repurchase authorization of $1.5 billion through the end of FY '21.

第一季度，我們根據目前的回購授權回購了 5.91 億美元的股票，截至本季末還剩 2.43 億美元。我們很高興地宣布，截至 21 財年末，將額外授權 15 億美元的股票回購。

Q1 was a good start to FY '20, and we're maintaining our positive outlook for the year, which we shared last quarter. For the full year, we continue to expect total revenue growth of 11.8% year-over-year to $10.030 billion. License revenue growth of 12.8% to $4.275 billion, a non-GAAP operating margin of 33% and non-GAAP earnings per share of $6.49 per share on a diluted share count of 417 million shares.

第一季是 20 財年的良好開端，我們維持上季分享的對今年的積極展望。對於全年，我們繼續預期總營收年增 11.8%，達到 100.3 億美元。授權收入成長 12.8%，達到 42.75 億美元，非 GAAP 營業利益率為 33%，非 GAAP 每股盈餘為 6.49 美元，稀釋後股數為 4.17 億股。

We also continue to expect cash flow from operations of $3.950 billion and free cash flow of $3.630 billion. For Q2 FY '20, total revenue is expected to be $2.425 billion, up 11.5% year-over-year with license revenue of $1 billion, an increase of 11.1% year-over-year.

我們也繼續預期營運現金流為 39.5 億美元，自由現金流為 36.3 億美元。20財年第二季度，總營收預計為24.25億美元，年增11.5%，其中授權收入為10億美元，年增11.1%。

We expect the non-GAAP operating margin of 32.6% and non-GAAP EPS of $1.55 per share on a diluted share count of 417 million shares. Detailed guidance for Q2 and the full year is contained in the slide deck on our website accompanying this call.

我們預期非 GAAP 營業利益率為 32.6%，非 GAAP 每股盈餘為 1.55 美元，稀釋後股數為 4.17 億股。第二季和全年的詳細指導包含在我們網站上隨本次電話會議提供的幻燈片中。

In summary, we will continue to enhance our value to customers and partners with a premium technology portfolio, providing foundation for hybrid and multi-cloud environments.

總之，我們將繼續透過優質的技術組合來提升對客戶和合作夥伴的價值，為混合和多雲環境提供基礎。

Q1's performance has us well positioned to execute on our plans for the year, and we're reiterating our previously issued guidance for revenue growth, profitability and cash flow generation. We look forward to updating you on our progress again next quarter.

第一季的業績使我們能夠很好地執行今年的計劃，我們重申了先前發布的關於收入成長、獲利能力和現金流產生的指導。我們期待下個季度再次向您通報我們的進展。

With that, I'll turn the call back over to Paul.

這樣，我會將電話轉回給保羅。

Thanks, Zane. (Operator Instructions) Operator, let's get started.

謝謝，贊恩。（操作員指示）操作員，我們開始吧。

(Operator Instructions) And first from RBC Capital Markets, we have Matt Hedberg.

（操作員指示）首先請來的是加拿大皇家銀行資本市場部的 Matt Hedberg。

See, I wanted to start out with a high-level question here and drill down a little bit more into the expanded Microsoft relationship that you guys talked about at Dell World. And I guess at a high level, how do you think about the Azure relationship versus AWS? I'm wondering if you could talk about that from both a technical perspective, as well as how you think about it contributing to top line growth?

看，我想從這裡開始提出一個高級問題，並進一步深入了解你們在戴爾世界上談論的擴大的微軟關係。我想從較高的層面來看，您如何看待 Azure 與 AWS 的關係？我想知道您是否可以從技術角度談談這一點，以及您如何看待它對營收成長的貢獻？

Matt, this is Pat, and appreciate the question. And obviously, the market interest on this was high because ultimately, customers were looking and think of these as customers with big VMware footprints who are starting to take advantage of Azure. And said, boy, I'd really like to see my strategic partners come together. And that was really what brought us together. And thus, the announcements that Dell Technologies World with Microsoft, Dell and Amazon. And the Azure VMware Solution is customer-driven, further enabling customers to take advantage of VMware in their Azure environment delivered by Virtustream and CloudSimple. It's a Microsoft-offered service.

馬特，我是帕特，謝謝你提出這個問題。顯然，市場對此的興趣很高，因為最終客戶將這些客戶視為擁有大量 VMware 足跡並開始利用 Azure 的客戶。並說，孩子，我真的很希望看到我的策略夥伴走到一起。這才是我們真正走在一起的原因。因此，戴爾科技世界與微軟、戴爾和亞馬遜的公告。Azure VMware 解決方案是客戶驅動的，進一步使客戶能夠在 Virtustream 和 CloudSimple 提供的 Azure 環境中利用 VMware。這是 Microsoft 提供的服務。

In addition to that, we announced the client partnership, Microsoft 365, Azure AD now fully capable in a Workspace ONE environment. And then some of the forward-looking things that we announced with Microsoft as well in networking, management, Azure services, on-premise. So a very compelling announcement with them.

除此之外，我們也宣布了客戶合作夥伴關係，Microsoft 365、Azure AD 現在完全可以在 Workspace ONE 環境中使用。然後是我們與 Microsoft 一起宣布的一些前瞻性內容，包括網路、管理、Azure 服務和本地部署。因此，他們宣布了一個非常引人注目的消息。

In contrast, the Amazon relationship and AWS being the preferred partnership for VMware, really, the VMware Cloud offering is offered by VMware, it's really the leading offer that we bring to the marketplace for customers to take advantage of the VMware footprint overall.

相較之下，亞馬遜的關係和 AWS 是 VMware 的首選合作夥伴，實際上，VMware 雲端產品是由 VMware 提供的，它確實是我們為客戶提供的領先產品，以幫助客戶充分利用 VMware 的整體足跡。

The way I like to think about this, the VMware technology or the VMware Cloud Foundation is available 3 ways. One is customers can run it, either the software or the software/hardware with our HCI offering. Second is our partners can run it for the customer. And examples of that are clearly IBM, the great momentum we've seen there or now Azure and the other 4,000-plus cloud partners that we have, or VMware will run it for them. And we announced the VMware Cloud on AWS, 2-plus years. Great momentum there. But we've also announced now VMware Cloud on Outpost as well as VMware Cloud on Dell EMC on-premise.

我認為，VMware 技術或 VMware Cloud Foundation 有 3 種可用方式。一是客戶可以使用我們的 HCI 產品運行軟體或軟體/硬體。其次，我們的合作夥伴可以為客戶運行它。這方面的例子顯然是 IBM，我們在那裡或現在看到了 Azure 的巨大勢頭，以及我們擁有的其他 4,000 多個雲端合作夥伴，或者 VMware 將為他們運行它。兩年多來，我們在 AWS 上發布了 VMware Cloud。那裡的勢頭很大。但我們現在也發表了 VMware Cloud on Outpost 以及 VMware Cloud on Dell EMC on-premise。

So we see that now as this comprehensive hybrid cloud strategy that really is unmatched in the industry and bringing Azure into that offering, a lot of excitement from Azure-centric Microsoft customers. And we continue to see great momentum for VMware Cloud Foundation on-premise and uniquely for our preferred offering with VMware Cloud and AWS.

因此，我們現在看到，這種全面的混合雲策略在業界確實是無與倫比的，並將 Azure 引入該產品中，以 Azure 為中心的微軟客戶感到非常興奮。我們繼續看到 VMware Cloud Foundation 本地部署以及我們首選的 VMware Cloud 和 AWS 產品的強勁發展勢頭。

Matt, this is Zane. I'll just add. As we continue to grow that part of the business, it will be part of our VCPP revenue, which I highlighted earlier was part of our hybrid cloud and SaaS category, which grew 35% nicely year-over-year. So we expect that area to continue to see continued growth augmented by the Microsoft relationship.

馬特，這是讚恩。我就補充一下。隨著我們繼續發展這部分業務，它將成為我們 VCPP 收入的一部分，我之前強調過，這是我們混合雲和 SaaS 類別的一部分，該類別同比增長了 35%。因此，我們預計該領域將繼續因與微軟的關係而持續成長。

Next, we have Kash Rangan from Bank of America.

接下來是美國銀行的卡什·蘭根 (Kash Rangan)。

Congratulations to the fantastic start to the fiscal year. Pat, I had a question for you. When you look at the 2 big cloud providers you're partnering with, AWS and Microsoft, previously, the [word was] AWS was compression to your total available market and that Microsoft was going to be competition, so you got compression and competition. [Tor] said that you're partnering with them.

恭喜本財年取得了良好的開端。帕特，我有個問題想問你。當您查看與您合作的兩家大型雲端供應商（AWS 和 Microsoft）時，先前的說法是 AWS 正在壓縮您的整個可用市場，而 Microsoft 將成為競爭者，因此您會受到壓縮和競爭。[Tor] 說你正在與他們合作。

I'm just curious to see if the partnerships at a fundamental level are really driven by the customer need for these companies to integrate for the technology? Or do you think that competition and compression have really changed and that this new option that you're all playing into, I don't want to put words in your mouth, but it is a different one. It's not a zero sum game, but it's net additive to everybody.

我只是很好奇，從根本上講，合作夥伴關係是否真的是由這些公司整合技術的客戶需求所驅動的？或者你認為競爭和壓縮真的發生了變化，你們都在參與這個新的選擇，我不想讓你說的話，但這是一個不同的選擇。這不是零和遊戲，但對每個人來說都是淨累加。

So that spectrum of zero-sum to completely additive, a new word, where are we? And how can this -- how long can this marriage sustain? Is it a partnership or a marriage?

因此，從零和到完全相加，一個新詞，我們在哪裡？這段婚姻能維持多久？是合夥關係還是婚姻關係？

Thanks for the question, Kash, and appreciate the comments on a good quarter. We really see that it's far in the end of the additive spectrum today. And ultimately, if we go back to the highest level, we said it's a hybrid, multi-cloud future. Customers now are uniformly agreeing with that positioning. Everybody believes there's going to be multiple clouds. They're going to take advantage of multiple clouds.

感謝卡什提出的問題，並感謝您對這一季度的良好評論。我們確實看到它已經遠遠超出了今天的添加劑範圍。最終，如果我們回到最高水平，我們會說這是一個混合、多雲的未來。現在客戶一致同意此定位。每個人都相信將會有多個雲端。他們將利用多個雲端。

And inside of that, this hybrid where I can migrate to the cloud not having to replatform for the cloud is a powerful statement. And for that, we've seen hybrid strategies now come forward from Amazon, Azure, Google, IBM have all agreed with that positioning that VMware began with 5-plus years ago. So we think that positioning is highly aligned with the customer interest and the industry is all supporting it.

其中，這種混合方式讓我可以遷移到雲端，而無需為雲端重新建構平台，這是一個強而有力的聲明。為此，我們看到 Amazon、Azure、Google、IBM 現在提出了混合策略，它們都同意 VMware 五年多前開始的定位。所以我們認為定位與客戶利益高度一致，整個產業都支持它。

Also, there clearly at this point for us it's about accelerating people's ability to expand their workloads, be able to move to this more efficient hybrid cloud world. And we're seeing customers accelerate their use of new technologies. And NSX was a great example where they're now benefiting from that, the VMware Cloud. They're able to take on more automation, reduce their, I'll say, IT and operations cost because we are running that stack for them. So we're essentially expanding the effective TAM, right, because we're reaching into these operational costs they would have.

此外，目前對我們來說顯然是為了加快人們擴展工作負載的能力，以便能夠遷移到這個更有效率的混合雲世界。我們看到客戶加速使用新技術。NSX 就是一個很好的例子，他們現在正從 VMware Cloud 中受益。他們能夠採用更多自動化，降低 IT 和營運成本，因為我們正在為他們運行該堆疊。因此，我們本質上是在擴大有效的 TAM，對吧，因為我們正在考慮他們可能面臨的營運成本。

So I'd say at this point, I'm continuing to see the great growth rates of the public clouds, our growth rate. We would truly say we're way on the end of the spectrum, that this is additive to the business opportunity for us long-term. And every evidence we're getting from customers is we're on the right track.

所以我想說，在這一點上，我繼續看到公有雲的巨大成長率，我們的成長率。我們確實可以說我們處於極端狀態，這對我們的長期商業機會來說是額外的。我們從客戶那裡得到的每一個證據都表明我們走在正確的道路上。

Next from Jefferies, we have John DiFucci.

接下來是傑弗里斯的約翰·迪福奇。

Pat and Zane, echo Kash. The results here look really strong. And that's just in the face of what clearly looks like sort of a generally soft quarter for many infrastructure software players and also, some apps players.

帕特和讚恩，呼應卡什。這裡的結果看起來非常強勁。對於許多基礎設施軟體玩家和一些應用程式玩家來說，這顯然是一個普遍疲軟的季度。

I don't know, even you guys, though, didn't raise guidance. And I don't want to spend too much time on that because it was really strong results here. But VMware side, I guess, Pat and Zane, too, if you have anything to contribute here, you have a view that we don't have, right? Like why do you think so many others are seeing some softness out there? Because they are. I mean, I got 3 companies tonight and you guys are a lot better than the other 2. I don't know.

我不知道，但即使你們也沒有提出指導。我不想在這上面花太多時間，因為這裡的結果非常好。但我想，VMware 方面，Pat 和 Zane 也是如此，如果您有什麼可以在這裡做出貢獻，那麼您有我們沒有的觀點，對吧？例如你認為為什麼很多人都看到了一些軟弱的東西？因為他們是。我的意思是，今晚我有 3 個公司，你們比其他 2 個要好得多。

Is it -- are there hardware issues out there? Like, with tariffs and other things, which has now trickled to infrastructure software and then apps? But that seems too early for something like that to happen. Do you have anything you can share with us here? And also, why hasn't this really affected you?

是不是有硬體問題？就像關稅和其他事情一樣，現在已經滲透到基礎設施軟體，然後是應用程式？但這樣的事情發生似乎還為時過早。您有什麼可以在這裡與我們分享的嗎？而且，為什麼這並沒有真正影響你？

Thanks, John, for the comments. We do think that some of the macroeconomic effects, that will affect everybody, right, in that environment. As you've heard me say before, there's going to be some winners and losers on different technology trends inside of that.

謝謝約翰的評論。我們確實認為，一些宏觀經濟影響將影響到那個環境中的每個人。正如你之前聽我說過的，其中不同的技術趨勢將會有一些贏家和輸家。

Overall, we continue to be optimistic. We continue to be optimistic on the long-term view of the market, that IT growth is going to outpace GDP growth, enterprise as a software growth will outpace IT growth. We see this sort of tech breaking out of tech and more businesses, right, being -- becoming centered on their technology differentiation.

總體而言，我們繼續保持樂觀。我們對市場的長期看法持續樂觀，即IT成長將超過GDP成長，企業軟體成長將超過IT成長。我們看到這種技術突破了科技和更多的企業，對吧，正在成為以技術差異為中心的技術。

Clearly, some of the trade aspects, some of the different cyclicality going on affects different players. But overall, we remain optimistic. Our strategy is resonating well into the future and super pleased with the execution of my team to deliver a very solid quarter.

顯然，一些貿易方面、一些不同的周期性正在影響不同的參與者。但總體而言，我們仍然保持樂觀。我們的策略與未來產生了很好的共鳴，我對我的團隊的執行力非常滿意，交付了一個非常穩定的季度。

Zane?

贊恩？

John, I would just add to Pat's point. We're not immune to it. We feel good about the start of the year, as you pointed out, and we feel like we've had some consistency as we thought about the year and it's playing out to some degree and to some extent as we expected.

約翰，我想補充一下帕特的觀點。我們也不能倖免。正如您所指出的，我們對今年的開始感覺良好，我們覺得我們在思考這一年時已經保持了一定的一致性，並且它在某種程度上和我們預期的那樣發揮了作用。

I'll also point out the customer ROI for their investment in our product portfolio is strong. So I think that resonates. I think the strategy resonates and we're benefiting from that. I think some of what you're seeing across the broader landscape is some volatility and obviously uncertainty tied to the macroeconomic environment. But beyond that, we're comfortable with what we're seeing early and feel good about our forecast for the year.

我還將指出，客戶對我們產品組合的投資報酬率很高。所以我認為這引起了共鳴。我認為該策略引起了共鳴，我們正在從中受益。我認為，在更廣泛的環境中，您看到的一些波動以及與宏觀經濟環境相關的明顯不確定性。但除此之外，我們對早期看到的情況感到滿意，並對今年的預測感到滿意。

Next question is from Raimo Lenschow with Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. I actually wanted to stay on John's point. You know like we all know how the game goes in software, you kind of beat and raise. And you had a good Q1. Your billings was -- billings growth was actually stronger than the results we saw in Q1, but you cannot maintain the guidance.

我也表示祝賀。我實際上想停留在約翰的觀點。你知道，就像我們都知道軟體中游戲是如何進行的一樣，你可以擊敗並加註。你的第一季表現不錯。您的帳單成長實際上比我們在第一季看到的結果要強，但您無法維持指引。

It's just, Pat, was that Zane kind of overruling you and being his conservative self again? Or is there anything you see on the horizon that kind of changed your normal approach?

只是，帕特，贊恩是不是有點否決了你並再次成為他的保守派？或者你在地平線上看到的任何事情會改變你的正常做法嗎？

Well, I'll start and Zane will certainly help me here. I mean, we'll say we maintain guide for the first half and for the year, right? And with that, we do feel comfortable. There is some uncertainty in the macro environment, which certainly influences the view, right, in the marketplace.

好吧，我先開始，贊恩一定會在這裡幫助我。我的意思是，我們會說我們維持上半年和今年的指導，對吧？有了這一點，我們確實感到很舒服。宏觀環境存在一些不確定性，這肯定會影響市場的看法。

We are seeing strong execution by our teams that's continuing to give us strength. We think our strategy is well positioned for it. But it's still early in the year. We've got a lot of year to go execute yet with some of those uncertainties around us. And we're feeling quite good about the momentum that we see going into Q2 and for the second half.

我們看到我們團隊的強大執行力繼續給我們力量。我們認為我們的策略已經為此做好了準備。但現在還早。我們還有很多年的時間可以執行，但我們周圍還存在一些不確定性。我們對第二季和下半年的勢頭感覺非常好。

I'll just add. It was actually a good conversation with Pat. So I think we're aligned on this one. It's a good start to the year. We did see a little bit of FX pressure early on in the year here that came in a little bit ahead of what we would have otherwise had thought for the year. And again, I think we're confident that we're not naïve to think about the global uncertainty out there and as we look at -- John mentioned some of our competitors seeing a little bit of weakness and some volatility and variability quarter-to-quarter. So again, we're comfortable with how we're positioned for the year and like the forecast.

我就補充一下。這實際上是與帕特的一次很好的談話。所以我認為我們在這一點上是一致的。這是今年的好開始。今年早些時候，我們確實看到了一點外匯壓力，這種壓力比我們今年的預期要提前一些。And again, I think we're confident that we're not naïve to think about the global uncertainty out there and as we look at -- John mentioned some of our competitors seeing a little bit of weakness and some volatility and variability quarter-to -四分之一.再說一遍，我們對今年的定位感到滿意，並且喜歡預測。

And next we have Karl Keirstead with Deutsche Bank.

接下來是德意志銀行的 Karl Keirstead。

So a question for you, Zane. The adjusted total billings growth of 20% was the highest we've seen in a while against the pretty tough compare. I'm wondering if you could just elaborate on that strength. I think you mentioned that the hybrid cloud SaaS bucket contributed to it. But maybe you could add a little bit more.

所以有個問題想問你，贊恩。與相當艱難的比較相比，調整後的總帳單增加 20% 是我們一段時間以來看到的最高水準。我想知道你能否詳細說明一下這種力量。我想您提到了混合雲 SaaS 桶對此做出了貢獻。但也許你可以再加一點。

And just further to that. I know most of the DR are maintenance renewals, so I'm wondering what that strong total billings number says about the renewal environment that you're facing through the remainder of the year?

更進一步。我知道大多數災難復原都是維護續訂，所以我想知道這個強勁的總帳單數字說明了您在今年剩餘時間內面臨的續訂環境？

Sure, Karl. Happy to give some more color on that. I did mention that we clearly benefited from the strength that we saw in the fourth quarter. The teams have done a terrific job moving in and maintaining that momentum from the fourth quarter. So we feel good about the aggregate bookings number.

當然，卡爾。很高興對此提供更多的色彩。我確實提到，我們顯然受益於第四季的強勁表現。球隊在進入並保持第四季度以來的勢頭方面做得非常出色。因此，我們對總預訂量感到滿意。

SaaS bookings have been growing nicely, and that's obviously a key part of the bookings element there. And then the renewals business has been strong, too. We not only saw the benefit from some PSO strength in the quarter, which is from strong attach that we saw with ELAs towards the second half of last year. So we saw some good services side of things and then the renewals came in strong as well.

SaaS 預訂成長良好，這顯然是預訂元素的關鍵部分。而且續訂業務也很強。我們不僅看到了本季度 PSO 實力的好處，這是我們在去年下半年看到的 ELA 的強大依附。因此，我們看到了一些良好的服務方面，然後續訂也很強勁。

So generally speaking, I'd say that's giving us again the motivation to put out the guide and to maintain the guide that we put out earlier in the year. But that's the strength that you're seeing overall, I'd say, from the total bookings side.

所以總的來說，我想說這再次給了我們發布指南並維護我們今年早些時候發布的指南的動力。但我想說的是，從總預訂量來看，這就是你所看到的整體實力。

Next, we have Walter Pritchard with Citi.

接下來是花旗銀行的沃爾特‧普里查德 (Walter Pritchard)。

Similar question, I guess, for Zane. On the license billings, I think that's a bigger spread that you're seeing between the billings and revenue growth rate. And I guess as we're thinking about this going forward, is there anything that I guess logically, we think that we might see license revenue growth accelerate a bit from where it is now? Why wouldn't that be the case? And maybe a little bit more detail, similar to what Karl just asked about the specifically the license billing performance.

我猜贊恩也有類似的問題。在許可證帳單上，我認為帳單和收入成長率之間的差距更大。我想，當我們考慮未來這一問題時，有什麼我從邏輯上猜測的事情，我們認為我們可能會看到許可收入成長比現在有所加速？為什麼不會是這樣呢？也許還有更多細節，類似於 Karl 剛剛詢問的特別是許可證計費效能的問題。

That's a great question, Walter. I guess to add on to the Karl piece on total bookings, the license bookings, as we've tracked and we've had some dialogue here with the team, the reason you'll see that spread increase, I'd say, for a period would be the growth that we've seen in SaaS bookings versus what comes to revenues. As you know, with the perpetual product, the license bookings will translate into revenue faster than the SaaS bookings will translate into SaaS revenue.

這是一個很好的問題，沃爾特。我想補充卡爾關於總預訂量、許可證預訂量的內容，正如我們所跟踪的那樣，我們與團隊進行了一些對話，我想說，您會看到價差增加的原因是一個時期是我們看到的SaaS 預訂量與收入的成長。如您所知，對於永久產品，許可證預訂轉化為收入的速度將快於 SaaS 預訂轉化為 SaaS 收入的速度。

So we've been very pleased with the strength we've seen on the SaaS bookings side. And as you would expect with any type of SaaS products and with our growing portfolio of SaaS products, you'll see more and more bookings come in and then the revenue will ramp as you would expect with any kind of SaaS product.

因此，我們對 SaaS 預訂的實力感到非常滿意。正如您對任何類型的SaaS 產品所期望的那樣，隨著我們不斷增長的SaaS 產品組合，您將看到越來越多的預訂，然後收入將如您對任何類型的SaaS 產品所期望的那樣增加。

So it's a great observation. We like the strength we're seeing on both. And again, I'd point on the fourth quarter is both for total bookings as well as SaaS bookings and license bookings. The strength we're seeing will obviously continue through the course of the year. But that discrepancy between the bookings and the revenue will be driven by unearned revenue on the SaaS side.

所以這是一個很好的觀察。我們喜歡在兩者上看到的實力。我再次強調第四季的預訂量以及 SaaS 預訂量和授權預訂量。我們所看到的強勁勢頭顯然將在今年持續下去。但預訂量與收入之間的差異將由 SaaS 方面的未實現收入造成。

And just to pile onto that a bit. We've been emphasizing the hybrid cloud SaaS component of our business. And now up to 12% now of our business, we're seeing the growth rate, 35% this quarter. These are good numbers and the strategic relevance of VMware Cloud. We've expanded that VMware Cloud on Outpost, VMware Cloud on Dell EMC, the expanding role of CloudHealth. More of our Workspace ONE as a subscription as a service, the VCPP strength, all of these are emphasizing a direction that we as a company are highly committed to go drive this portion of our business over time.

只是稍微補充一下。我們一直強調我們業務的混合雲 SaaS 元件。現在我們的業務成長了 12%，本季我們看到了 35% 的成長率。這些都是不錯的數字，也是 VMware Cloud 的策略相關性。我們擴展了 VMware Cloud on Outpost、VMware Cloud on Dell EMC 以及 CloudHealth 的不斷擴大的角色。我們的 Workspace ONE 更多地作為一種訂閱服務、VCPP 優勢，所有這些都強調了我們作為一家公司高度致力於隨著時間的推移推動我們這部分業務的方向。

And starting to see that effect will have some of the financial implications of Zane, but it also is creating the strategic implications that we think is giving us the ability to present more value to our customers and ride above some of these other effects that we might be seeing in the market.

開始看到這種影響將對贊恩產生一些財務影響，但它也產生了戰略影響，我們認為這使我們有能力向客戶提供更多價值，並超越我們可能產生的其他一些影響在市場上看到。

Next, we have JPMorgan -- from JPMorgan, we have Mark Murphy.

接下來，我們有摩根大通——來自摩根大通的馬克墨菲。

Pat, I wanted to ask you if you had any thoughts on how the U.S. federal government's $10 billion JEDI contract will settle out, just given that VMware is now the hybrid partner for both Amazon and Microsoft. Do you see that opportunity for VMware to participate in the JEDI contract?

Pat，我想問您，考慮到 VMware 現在是亞馬遜和微軟的混合合作夥伴，您對美國聯邦政府 100 億美元的 JEDI 合約將如何解決有何想法。您認為 VMware 有機會參與 JEDI 合約嗎？

Yes. And the simple answer is our comments on the FedRAMP that we commented on in the call is exactly in that vein, right? We were off getting our FedRAMP approval. We're now in the FedRAMP approval process to achieve our ATO or authority to operate. That's a critical milestone for us as that occurs.

是的。簡單的答案是我們在電話會議中評論的 FedRAMP 的評論正是出於這種考慮，對吧？我們即將獲得 FedRAMP 批准。我們現在正處於 FedRAMP 審批流程中，以獲得我們的 ATO 或營運權。這對我們來說是一個重要的里程碑。

And obviously, while we can't forecast the winners or losers in that and what protest may or may not occur or part of it, we are getting our offering ready to be able to be a cloud provider to government. And I'll also point out that our installed base with the federal governments with defense, with the various military intelligence community is very high. So we see this as a significant opportunity and one that is an extension of our VMware Cloud offering is quite critical to us.

顯然，雖然我們無法預測其中的贏家或輸家，以及可能發生或可能不會發生的抗議或其中的一部分，但我們正在準備我們的產品，以便能夠成為政府的雲端提供者。我還要指出，我們與聯邦政府、國防部門、各種軍事情報界的合作基礎非常高。因此，我們認為這是一個重要的機會，作為我們 VMware Cloud 產品的擴展，對我們來說非常重要。

So we're lining ourselves up in a way that, I think, positions us to be participating with that. Obviously, our partnership with Amazon in this area is very strong and important to us, and we're hopeful that, that becomes a nice piece of business over time.

因此，我認為，我們正在以一種讓我們能夠參與其中的方式排隊。顯然，我們與亞馬遜在這一領域的合作關係對我們來說非常強大和重要，我們希望隨著時間的推移，這會成為一項不錯的業務。

Next from Raymond James, we have Michael Turits.

接下來是雷蒙德詹姆斯，邁克爾圖里茨。

Two things. One, I was wondering if you could just be a little bit more specific about the components of SaaS and hybrid that were the most meaningful contributors to growth. And also, I was wondering if you could comment on that trailing of the U.S. business.

有兩件事。第一，我想知道您是否可以更具體地介紹對成長最有意義的貢獻者 SaaS 和混合的組件。另外，我想知道您是否可以對美國業務的落後情況發表評論。

Sure. I'll touch on the hybrid portion. I think we've laid them out. The majority of the revenue coming out of hybrid cloud and SaaS right now continues to be the VCPP program, which as we've touched on, has shown tremendous strength over the years. We've also done a great job, I also pointed out, with EUC, our Workspace ONE product is now 50% SaaS. So I'd say that's another large contributor.

當然。我將談談混合部分。我想我們已經把它們擺好了。目前來自混合雲和 SaaS 的大部分收入仍然來自 VCPP 計劃，正如我們所提到的，多年來該計劃已顯示出巨大的實力。我還指出，我們也做得很好，透過 EUC，我們的 Workspace ONE 產品現在 50% 是 SaaS。所以我想說這是另一個重要的貢獻者。

And then on the new acquisition side, we're very excited about CloudHealth, which as you know, we acquired last year. And then on the organic side, we have VMC on AWS that's showing great promise in the marketplace. So the combination of all of those and a growing portfolio continues to contribute to the 35% that we saw increase in that category.

然後在新的收購方面，我們對 CloudHealth 感到非常興奮，正如你所知，我們去年收購了它。然後在有機方面，我們在 AWS 上擁有 VMC，它在市場上展現了巨大的前景。因此，所有這些加上不斷增長的投資組合繼續為我們看到該類別的成長 35% 做出貢獻。

And I won't tell Paul, but I'm answering the second question, which we cut you off at. So I'm a nice guy, he's not. But just the geo perspective for you. We had strength in EMEA and APJ, very strong quarters for both of them. And Americas was not as strong in Q1, but that comes on the back of an extraordinary Q4, record-breaking results in America in Q4.

我不會告訴保羅，但我正在回答第二個問題，但我們在這個問題上打斷了你。所以我是個好人，他不是。但這只是您的地理視角。我們在歐洲、中東和非洲和亞太及日本地區擁有實力，這兩個季度都非常強勁。美洲在第一季的表現並不那麼強勁，但這是在第四季度表現出色、創紀錄的美國業績的基礎上實現的。

And we did take the opportunity to do some territory realignments and some adjustments to the org to set us up for longer-term growth. We also brought in the new Americas leader, Dom Delfino, a successful, proven internal leader who's stepping into this role in Q1. So we feel good about the geo outlook and we think that we've better set ourselves up for long-term, sustained growth.

我們確實利用這個機會進行了一些領域的重新調整和對組織的一些調整，為我們的長期成長做好了準備。我們還聘請了新的美洲領導者 Dom Delfino，他是一位成功、久經考驗的內部領導者，將於第一季接任這一角色。因此，我們對地理前景感到滿意，並認為我們應該更好地為長期、持續的成長做好準備。

Next, we have Keith Bachman with BMO Capital Markets.

接下來請來 BMO 資本市場部的 Keith Bachman。

I wanted to revisit on Compute specifically, which has been really steady and very strong. And the context of the question is data center points, even in the last quarter, including Red Hat Rail have gotten meaningfully worse, arguably. And so I'm trying to understand what's really driving the steady strength of Compute? And is mix playing a role, including the launch of vSphere Platinum?

我想特別回顧一下計算，它非常穩定且非常強大。問題的背景是資料中心點，即使在上個季度，包括紅帽鐵路在內，可以說已經變得明顯更糟。所以我試著了解是什麼真正推動了計算的穩定發展？混合是否發揮了作用，包括 vSphere Platinum 的推出？

And Zane, just as part of the question, I was wondering if you could just comment on are you still suggesting to investors that we think about Compute growing at comparable rates to what you just provided in the current quarter?

贊恩，作為問題的一部分，我想知道您是否可以評論一下您是否仍然向投資者建議我們認為計算的增長速度與您剛剛在本季度提供的速度相當？

Sure, Keith. I'll start and then I'll hand it over to Pat. We haven't changed our longer-term outlook, which is I think we've talked about for some time now, which is lower single digits for Compute. But we've been thrilled to be outperforming that guide and outperforming that outlook for a variety of reasons. I touched on the growth that we've seen with VCPP and how that contributes to compute license strength. So we're comfortable with how things are progressing there. We have not changed our longer-term outlook, however.

當然，基斯。我先開始，然後把它交給帕特。我們沒有改變我們的長期前景，我認為我們已經討論了一段時間，即計算的個位數較低。但由於多種原因，我們很高興能夠超越該指南並超越該前景。我談到了我們在 VCPP 上看到的成長以及它如何有助於計算許可證強度。因此，我們對那裡的進展感到滿意。然而，我們並沒有改變我們的長期前景。

Yes. And obviously, as customers are betting on the VMware stack, Compute is an essential element as I've described, as sort of the springboard for all of the other products to build on top of it. It was built into every one of our large deals this quarter. The emerging solutions with cloud, VMware Cloud on AWS, with VxRail, with VMware Cloud Foundation, all of those include Compute as this embedded element to it.

是的。顯然，隨著客戶將賭注押在 VMware 堆疊上，正如我所描述的，計算是一個重要元素，就像所有其他產品構建在其之上的跳板。它已融入本季度我們的每一筆大型交易中。新興的雲端解決方案、VMware Cloud on AWS、VxRail、VMware Cloud Foundation，所有這些都將運算作為嵌入式元素。

And the breadth and depth of the portfolio that builds on that really emphasizes that central role but now it's expanding to the whole portfolio and customers are buying the whole portfolio. The renewal comments earlier, good renewal rates, expanding our roles that we have for it. So I'll say, in the face of no change, it really is a foundational element of our portfolio that's shown much more endurance and strength and really looks positive for the future.

以此為基礎的產品組合的廣度和深度確實強調了這一核心作用，但現在它正在擴展到整個產品組合，並且客戶正在購買整個產品組合。較早的續訂評論，良好的續訂率，擴大了我們的角色。所以我想說，面對沒有變化，它確實是我們投資組合的一個基本要素，它表現出了更多的耐力和力量，並且對未來來說確實看起來很積極。

I'm sorry, Keith, and on the Platinum comment, I'll say we're excited about the capability. We're starting to get traction. It's not a material element to the outperformance at this point. And I hope to be able to update that comment in more positive way in a quarter or 2. But at this point, we tell you, it's not material yet but getting very early positive signs.

很抱歉，基思，對於白金評論，我會說我們對此功能感到興奮。我們開始受到關注。目前這並不是表現優異的重要因素。我希望能夠在一到兩個季度內以更積極的方式更新該評論。

Next from Bernstein, we have Mark Moerdler.

接下來是伯恩斯坦的馬克·莫德勒。

Changing focus a little bit to look at all the work you've done and the investments you've done on the container side of the opportunity. Can you give us some sort of color on how much of the container business at this point is -- versus the server virtualization business -- is driving revenue? And how you think that's going to change over time?

稍微改變一下焦點，看看您所做的所有工作以及在機會的容器方面所做的投資。您能否告訴我們，目前容器業務（與伺服器虛擬化業務相比）在多大程度上推動了營收？您認為隨著時間的推移，這種情況會發生怎樣的變化？

I'll say at the broadest sense, and I think this will be an industry statement, containers is very early in its life and the amount of production deployments of containers is very modest at this point. But there is consensus that people are going to move to a container-centric model in the future, so it's one of these, I'll say, terrible wonderful situations where the business impact is quite modest at this point. But the consensus building in the industry around Kubernetes and containers is really quite spectacular. And as I've described it, more broadly, Mark, it's the Java of the next 2 decades, right? It was that important before.

我會從最廣泛的意義上說，我認為這將是一個行業聲明，容器還處於其生命的早期階段，目前容器的生產部署量非常有限。但人們一致認為，未來人們將轉向以容器為中心的模型，因此，我想說，這是一種可怕的美妙情況，目前對業務的影響相當有限。但業界圍繞 Kubernetes 和容器達成的共識確實非常引人注目。正如我所描述的，更廣泛地說，Mark，這是未來 20 年的 Java，對嗎？以前就這麼重要。

From a VMware perspective, VMware PKS continues to gain customer traction. With Heptio acquisition, we've expanded our portfolio. We now have VMware PKS Essentials, as we've talked about. A full open source version of Kubernetes that we support combined with PKS enterprise, our expanded position with the Kubernetes community as seen at KubeCon this last week, where VMware is now the second largest contributor to Kubernetes in the CNCF.

從 VMware 的角度來看，VMware PKS 持續吸引客戶。透過收購 Heptio，我們擴大了我們的產品組合。正如我們所討論的，我們現在擁有 VMware PKS Essentials。我們支援的 Kubernetes 完整開源版本與 PKS enterprise 結合，我們在 Kubernetes 社群中的地位得到了擴展，正如上週在 KubeCon 上看到的那樣，VMware 現在是 CNCF 中 Kubernetes 的第二大貢獻者。

We're expanding our go-to-market capacity as well as we've rolled out new partner programs in this area and with NSX-T, our most recent version, the enterprise PKS offering has gotten far more scalable and secure as well.

我們正在擴大我們的上市能力，並在該領域推出了新的合作夥伴計劃，並且透過我們的最新版本 NSX-T，企業 PKS 產品也變得更具可擴展性和安全性。

So all of this all taken together, VMware is looking at the Kubernetes and container opportunity as a huge incremental opportunity for customers and one that we believe we're going to be uniquely positioned to materialize in the marketplace.

因此，所有這些綜合起來，VMware 正在將 Kubernetes 和容器機會視為客戶的一個巨大的增量機會，我們相信我們將在市場上實現獨特的定位。

Next from Cross Research, we have Shannon Cross.

接下來是 Cross Research 的香農·克羅斯 (Shannon Cross)。

If you could restart your question, Shannon.

如果你可以重新提出你的問題，香農。

I'm just curious if you could talk a bit more about what you're seeing with regard to the Dell relationship, cross sales with the Dell salespeople having VMware as part of their quotas at this point. And if you're seeing any pushback from any of your other channel partners as maybe the family is getting to be a little closer.

我只是好奇您是否能多談談您對戴爾關係的看法，以及與戴爾銷售人員的交叉銷售，目前將 VMware 作為其配額的一部分。如果您看到任何其他通路夥伴的任何抵制，因為也許這個家庭的關係越來越近了。

Thank you very much. Overall, with Dell, we had another strong quarter. So we've seen the Dell relationship continue to expand quite nicely. But even more than expanding nicely, what we're seeing is that the jointly engineered solutions, right, and that's really where I think the real value creation is really gaining momentum. Super excited with the announcement of the Dell Unified Workspace now fully built in Workspace ONE. The strong quarter for VxRail, and you saw that in the overall HCI vSAN numbers for us, and Dell's expanded programs and their partners becoming joint partners of VMware and Dell.

非常感謝。總體而言，與戴爾一起，我們又度過了一個強勁的季度。因此，我們看到戴爾的關係繼續良好地擴展。但除了良好的擴張之外，我們看到的是共同設計的解決方案，對吧，我認為這才是真正的價值創造真正獲得動力的地方。戴爾統一工作區現已完全內建於 Workspace ONE 中，對此我們感到非常興奮。VxRail 的季度表現強勁，您可以在我們的整體 HCI vSAN 數據中看到這一點，戴爾的擴展計劃及其合作夥伴成為 VMware 和戴爾的聯合合作夥伴。

That said, the other partners in the rest of our channel is strong as well. And we saw good growth in that area of our business. We just completed in April our Partner Leadership Summit, where we've expanded our offerings and empowerment of our partners through new competencies and new Partner Connect program. So Dell grew very strongly, but we had good growth in the full set of partners, including all of those that aren't part of the Dell programs as well.

也就是說，我們其他管道的其他合作夥伴也很強大。我們在該業務領域看到了良好的成長。我們剛剛在四月完成了合作夥伴領導力高峰會，在會上我們透過新的能力和新的合作夥伴連接計劃擴展了我們的產品和對合作夥伴的授權。因此，戴爾的成長非常強勁，但我們的全套合作夥伴也取得了良好的成長，包括所有不屬於戴爾計畫的合作夥伴。

And as Zane mentioned, in a couple of cases, we're starting to see partner-generated sales with some of our new offerings, more momentum in NSX. Some of the first VMC deals done exclusively through the partner channels, and that gives us great optimism for that area of our business going forward.

正如 Zane 所提到的，在某些情況下，我們開始看到合作夥伴透過我們的一些新產品產生的銷售，NSX 的勢頭更大。一些首批 VMC 交易完全透過合作夥伴管道完成，這讓我們對該業務領域的未來發展非常樂觀。

We have one more question in the queue, so this will be the last question.

我們還有一個問題在隊列中，所以這將是最後一個問題。

The last question will come from Gregg Moskowitz with Mizuho.

最後一個問題將由瑞穗銀行的格雷格·莫斯科維茲提出。

I'd like to ask a question on NSX, which had another very good quarter of license bookings. Pat, can you double click on this and tell us what you're seeing in terms of demand and use cases for NSX-T and NSX-V?

我想問一個有關 NSX 的問題，該季度的許可證預訂量也非常好。Pat，您能否雙擊此內容並告訴我們您對 NSX-T 和 NSX-V 的需求和用例的看法？

Yes. Thank you very much. NSX continues to be a crucial product for us, and continuing to see the great results is something that brings us great encouragement for the long-term position.

是的。非常感謝。NSX 仍然是我們的重要產品，持續看到出色的成果為我們的長期地位帶來了巨大的鼓勵。

And as we think about NSX, what it really says is that customers are looking for a way to do multi-cloud networking that isn't depending on underlying infrastructure. And this is laid out in their virtual cloud networking strategy overall. And as we think about that being extended to the edge with VeloCloud, extended into the container environment with our service mesh capabilities and our PKS offerings now becoming part of the native cloud offerings with VMware Cloud on AWS, the Azure network integration, the bundling of it into our cloud foundation and our VMC solution and our VxRail solution, it just plays a central role in the VMware strategy.

當我們考慮 NSX 時，它真正說明的是客戶正在尋找一種不依賴底層基礎設施的多雲網路方法。這在他們的整體虛擬雲端網路策略中得到了體現。當我們考慮透過 VeloCloud 擴展到邊緣、透過我們的服務網格功能擴展到容器環境時，我們的 PKS 產品現在已成為 VMware Cloud on AWS、Azure 網路整合、捆綁的本機雲端產品的一部分。在我們的雲端基礎、VMC 解決方案和VxRail 解決方案中，它在VMware 策略中發揮核心作用。

In Q1, 10 of our top 10 deals included it, so it's now become part of the standard selling motion of VMware. And we're seeing great success with customers who are now adopting it, not in one use case, but really across and basing on their entire networking strategy, such us with a major insurance provider this past quarter. We've seen it across industries as well, into financial, into retail.

在第一季度，我們的前 10 筆交易中有 10 筆包含了它，因此它現在已成為 VMware 標準銷售動作的一部分。我們看到現在正在採用它的客戶取得了巨大成功，不是在一個用例中，而是真正跨並基於他們的整個網路策略，例如上個季度我們與一家主要保險提供者的合作。我們在金融、零售等各個行業都看到了這種情況。

The NSX-T launch, as I mentioned earlier, our biggest ever launch of NSX-T 2.4 and now supporting bare metal environments and public cloud environments. So it really has become a platform for us in every respect.

正如我之前提到的，NSX-T 的發布是我們有史以來最大規模的 NSX-T 2.4 發布，現在支援裸機環境和公有雲環境。所以它確實在各方面都成為了我們的平台。

And as we're looking to do more in the security space with the AppDefense and the new announcement of the distributed firewall capabilities, we're really delivering functionality that was never possible before. And as customers look at that, it's really sort of I'll just say, the customer behavior now is like, okay, how do we do NSX now as opposed to why we should we do NSX or looking at competitive alternatives. It's really now a question of, okay, we're bought in, now where do we begin this journey with you? And that's an exciting phase of our NSX journey.

當我們希望透過 AppDefense 和新發布的分散式防火牆功能在安全領域做更多事情時，我們確實提供了以前不可能實現的功能。當客戶看到這一點時，我只想說，現在客戶的行為是，好吧，我們現在如何做 NSX，而不是為什麼我們應該做 NSX 或尋找有競爭力的替代方案。現在真正的問題是，好吧，我們已經接受了，現在我們從哪裡開始與您一起這段旅程？這是我們 NSX 之旅中令人興奮的階段。

And clearly, with the channel partners coming in, Dell's expanded offerings here, we think that we're on a track for a continued strategic growth in this critical area of our business for the long term.

顯然，隨著通路合作夥伴的加入，戴爾在這裡擴大了產品範圍，我們認為，從長遠來看，我們正走在業務這一關鍵領域持續戰略成長的軌道上。

Pat, before your final remark, just to -- since we have a few minutes and just to prove I'm not that terrible of a guy, I want Walter to see about his second question. And if you wouldn't mind, I'll actually read it. It's about the expanded set of cloud relationships such as Microsoft and platforms like Outpost. Do they open up new scenarios that are seeing customers have interest, including that beyond the prior backup and disaster recovery and test and dev and data center evacuation type of use cases.

派特，在你最後發言之前，我想讓華特看看他的第二個問題，因為我們有幾分鐘的時間，只是為了證明我不是那麼可怕的人。如果你不介意的話，我真的會去讀。它涉及擴展的雲端關係（例如 Microsoft）和 Outpost 等平台。他們是否開闢了客戶感興趣的新場景，包括超出先前備份和災難復原以及測試和開發以及資料中心疏散類型用例的場景。

Yes. And we'd say generally against that, every one of these is just giving more use cases that customers could take advantage of. And for instance, while we've talked about a burst of workloads and cloud flexibility, it's been more of a desire on the part of customers, and customers really haven't been able to materialize that yet. These expanded capabilities really create an integrated hybrid ability where customers really can say, oh, I really can do workload balancing now. And we're starting to see this, I'll say, hybrid operation starting to emerge as a real use case.

是的。我們普遍反對這一點，其中每一項都只是提供了更多客戶可以利用的用例。例如，雖然我們談論了工作負載的爆發和雲端靈活性，但這更多的是客戶的願望，而客戶實際上還沒有能夠實現這一點。這些擴充功能的功能確實創建了整合的混合功能，客戶可以真正地說，哦，我現在真的可以進行工作負載平衡。我想說，我們開始看到混合操作開始成為一個真正的用例。

Also, some of the DR use cases, storage cost and network cost really didn't allow those at scale where some of these expanded capabilities are now offering them to be the case. Also, that in a number of cases, customers weren't able to ante in with workloads that had latency or governance issues. Where now they can be cloud-managed on-premise, it's lowering the barriers for hybrid cloud adoption on the part of customers.

此外，一些災難復原用例、儲存成本和網路成本確實不允許這些擴充功能現在提供的規模。此外，在許多情況下，客戶無法處理有延遲或治理問題的工作負載。現在它們可以在本地進行雲端管理，這降低了客戶採用混合雲的障礙。

So every one of these, we believe, is accelerating the opportunity for customers to get to the cloud in a more rapid, cost efficient and agile way. And as they become more production scale, right, more proof points in the marketplace, I think it looks forward to great things to come.

因此，我們相信，每一項都在加速客戶以更快速、更具成本效益和敏捷的方式進入雲端的機會。隨著它們的生產規模越來越大，市場上的證據越來越多，我認為它期待著偉大的事情即將到來。

Thank you, Pat.

謝謝你，帕特。

Very good. Well, in conclusion, Q1, pleased with our continued progress. Our broad platform for hybrid and multi-cloud is continuing to grow. It's continuing to become more strategic and important, both to our customers, but also for our partner agreements that have been announced this quarter with Amazon Web Services, with Dell and Microsoft.

非常好。好吧，總之，第一季度，我們對我們的持續進展感到滿意。我們廣泛的混合雲和多雲平台正在持續發展。對於我們的客戶以及本季與 Amazon Web Services、戴爾和微軟宣布的合作夥伴協議而言，它繼續變得更具戰略性和重要性。

We see ourselves as very well positioned to execute on our plans for the full year, and we look forward to continuing to update you on our progress again next quarter. Thank you very much.

我們認為自己完全有能力執行全年計劃，我們期待在下個季度繼續向您通報我們的進展。非常感謝。

And ladies and gentlemen, that does conclude our conference for today. We thank you again for joining us. And you may now disconnect.

女士們、先生們，我們今天的會議到此結束。我們再次感謝您加入我們。您現在可以斷開連線。